Fall Back, into the black

_{By Bromwich+Smith Staff | 670 words | Reading Time: 3 minutes and 15 seconds | Date: 2022/11/03}

This weekend is Daylight Savings, where the clocks fall back and we gain an hour of sleep. With the notion of falling back, it’s a great chance to avoid falling into debt and keep your back account in the black. When the clocks go back this weekend take your extra hour back, and make it work for you! It’s a great use of time to revaluate your holiday budget and ensure you know what your extra spending money is and can decide where to spend those hard-earned dollars. This could be a great chance to create a budget, and finally set some financial goals for 2023 to really tackle your debt. It might be scary if the numbers aren’t where you hoped they were. There is still time to get on track and get financial support if you need it so that you can enjoy the holiday season, and not be burdened with debt, or creditors calling.

This is the time of year people really start thinking about holiday buying. The weather has started to turn, and shopping seems like a great pastime- from a store or the comfort of your own couch with online shopping. We suggest before you hit the stores- in person or virtually- do your research! Start with knowing who you are buying for, and what is on their wish list. That helps you know how much to allocate to each person before you start seeing the price tags. While black Friday, or cyber-Monday deals might be calling your name, those deals might hurt you and not help you. Just because something is on sale doesn’t mean it fits into your budget, and often people panic buy an item because they think the sale price is too good to pass up on. On the other hand, if you had budgeted an item and were waiting for the sale – this could be the best time to stretch your dollars. Taking the time before you shop to have a plan will help you in both situations!

As we lose daylight and days get darker, it can feel like a dark cloud financially too, now is the time to ask how you are managing your debt stress. Debt is a fact for many Canadians, and while the amount can vary person to person, the worry that comes along with it remains the same. For those who are feeling burdened by debt, these longer, darker days can put a damper on our mood. You may find that it helps to get it out on paper. When concern over debt is in our heads it can seem overwhelming and be really hard to actually break down and tackle. Make a list, create a spreadsheet or try an app to a clear financial picture. Once it’s out on paper you can see a clear picture.  If it’s as bad as you thought or if it is worse than you thought, now you have the time and awareness to tackle it. Prioritize which things you need to do first and start taking action.  Small action steps done consistently will win the day, the week, month and eventually the year.

Maybe you are lacking in your savings, like an emergency fund- look at ways you may be able to start adding to it. Perhaps your retirement planning is unclear, get some financial planning help and get a plan in place.  If consumer debt is mounting and feels overwhelming, look into debt solutions with a federally legislated Licensed Insolvency Trustee.  Small steps in the right direction and before you know it, you are over the hurdle of holiday stress, and can see a brighter path to financial security.

No matter what your financial story is, Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!